天味食品公告，2025年半年度主营业务收入13.81亿元，同比下降5.76%。其中，线下渠道9.74亿元，同 比下降19.60%；线上渠道4.07亿元，同比增长60.11%。火锅调料4.28亿元，同比下降12.85%；菜谱式调 料8.96亿元，同比增长1.06%；香肠腊肉调料1362.07万元，同比下降59.31%。东部区域3.8亿元，同比增 长29.35%。报告期末经销商3251个，较期初增加234个。 ...

天味食品所属申万行业为：食品饮料-调味发酵品Ⅱ-调味发酵品Ⅲ。所属概念板块包括：调味品、高派 息、融资融券、中盘、增持回购等。 8月25日，天味食品盘中上涨2.13%，截至13:11，报12.48元/股，成交7860.52万元，换手率0.60%，总市 值132.91亿元。 资金流向方面，主力资金净流出548.51万元，特大单买入0.00元，占比0.00%，卖出531.54万元，占比 6.76%；大单买入819.88万元，占比10.43%，卖出836.85万元，占比10.65%。 天味食品今年以来股价跌2.43%，近5个交易日涨3.74%，近20日涨9.09%，近60日涨8.71%。 资料显示，四川天味食品集团股份有限公司位于四川省成都市双流区西航港街道腾飞一路333号，成立 日期2007年3月2日，上市日期2019年4月16日，公司主营业务涉及川味复合调味料的研发、生产和销 售。主营业务收入构成为：中式菜品调料50.94%，火锅调料36.39%，香肠腊肉调料9.46%，其他 3.04%，其他(补充)0.17%。 截至3月31日，天味食品股东户数3.10万，较上期减少1.97%；人均流通股34338股，较上期增 ...

Core Viewpoint - Sichuan Tianwei Food Group Co., Ltd. is planning to go public in Hong Kong despite a disappointing first-quarter report, indicating challenges in revenue and profitability [1][2]. Financial Performance - The company's revenue decreased by approximately 24.8% year-on-year to around 642 million yuan, while net profit plummeted by 57.5% to about 74.73 million yuan [2][3]. - Operating cash flow also saw a significant decline of 93.7%, dropping to approximately 1.18 million yuan [2][3]. Product Category Performance - Revenue from core product categories experienced substantial declines: hot pot seasoning down by 41.05%, recipe-style seasoning down by 12.24%, and sausage and cured meat seasoning down by 55.77% [4][3]. - Total revenue from these categories fell by about 25% compared to the previous year [4]. Regional Performance - Revenue from the western region dropped by approximately 26.86%, while the northern region saw a decline of 43.6%. The eastern region experienced a slight increase of 9.3%, but it was insufficient to offset losses from other regions [6][5]. Market Confidence and Stock Performance - The poor financial results led to a significant drop in market confidence, with the stock price falling by 6.7% on the day of the report and nearly 19% over three trading days [6][5]. - As of August 22, the stock closed at 12.22 yuan per share, down from 13.17 yuan prior to the earnings report [6]. Industry Competition - The hot pot seasoning market is becoming increasingly competitive, with traditional brands and new entrants putting pressure on Tianwei's market share [9]. - The company has faced challenges related to its brand governance and market positioning, which have been exacerbated by recent controversies regarding dealer agreements [12][11]. Historical Context - Tianwei Food has a history of failed IPO attempts before successfully listing on the Shanghai Stock Exchange in 2019 [8]. - The company has been involved in controversies, including a "choose one" policy for dealers, which has negatively impacted its reputation and sales [11][12].

Core Viewpoint - Tianwei Food is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange, despite recent declines in revenue and net profit [1][4]. Group 1: Company Overview - Tianwei Food specializes in the research, production, and sales of compound condiments, offering over 100 varieties including hot pot seasonings and sauces under major brands like "Haorenjia" and "Dahongpao" [2]. - The company previously attempted to issue Global Depositary Receipts (GDR) for listing on the Swiss Stock Exchange, which was terminated in September 2023 due to changes in internal and external conditions [2][4]. Group 2: Financial Performance - In Q1 of the current year, Tianwei Food reported a revenue of 642 million yuan, a year-on-year decrease of 24.8%, and a net profit of 74.73 million yuan, down 57.53% year-on-year [4]. - The decline in net profit is attributed to decreased sales, influenced by intensified industry competition and the timing of the Spring Festival [4]. Group 3: Market Context - The current move to list in Hong Kong aligns with a trend of consumer companies going public, as seen with other beverage brands like Guming and Mixue Ice City [3]. - Tianwei Food aims to leverage the international advantages of the Hong Kong market to enhance its global strategy and expand overseas operations, with products already sold in over 50 countries [4]. Group 4: Industry Dynamics - The performance of peer companies, such as Haitian Flavoring and Food Co., which recently listed in Hong Kong, may impact the pricing of Tianwei Food's H-share issuance [5].

Core Viewpoint - The company is preparing for the issuance and listing of H-shares to enhance its international strategy and optimize its capital structure, aiming for long-term development and increased brand recognition in international markets [2]. Group 1: Company Overview - The company focuses on the research, production, and sales of compound seasonings, offering over 100 varieties including hot pot seasonings, Chinese dish seasonings, sausage and cured meat seasonings, and spicy sauces under six major brands [2]. - The company leverages its R&D advantages to provide customized products for domestic chain restaurants, meeting their needs for standardization, food safety, and flavor stability [2]. Group 2: Financial Performance - In 2024, the company achieved a revenue of approximately 3.476 billion yuan, representing a year-on-year growth of 10.41%, and a net profit attributable to shareholders of about 625 million yuan, with a year-on-year increase of 36.77% [3]. - In the first quarter of 2025, the company reported a revenue of approximately 642 million yuan, a year-on-year decline of 24.80%, and a net profit attributable to shareholders of about 74.73 million yuan, down 57.53% year-on-year [4]. Group 3: Business Strategy - The company maintains its focus on a big product strategy while enhancing its product matrix, aiming to develop healthier and more nutritious products [4]. - In a highly competitive hot pot market, the company will adhere to its big product and product refinement strategy, focusing on themes of freshness and richness, and will continue to penetrate high-quality consumer segments [4]. - The company plans to develop a core line of big products while also creating regionally flavored seasoning series to meet the evolving consumer demand for compound seasonings [4].

瑞财经 刘治颖 8月20日，天味食品(SH603317)公告，公司为进一步推进公司国际化战略与海外业务布局规划，提升品牌国际化认知与影响力，同时更好地利 用国际资本市场平台，优化资本结构，助力公司长远发展，正在筹划发行境外上市股份（H 股）并申请在香港联交所主板挂牌上市。 截至目前，公司正积极与相关中介机构就本次发行H 股并上市的相关工作进行筹备、商讨，关于本次发行 H 股并上市的细节尚未确定。本次发行H股并上市 能否通过审议、备案和审核程序并最终实施具有重大不确定性。 天味食品成立于2007年，专注于复合调味料的研发、生产和销售。公司产品包括火锅调料、中式菜品调料、香肠腊肉调料、香辣酱等100 多个品种（不含餐 饮定制产品），主要品牌包括"好人家""大红袍""天车""天味食品餐饮高端定制""拾翠坊""加点滋味"六大品牌，主要用于家庭、餐饮的烹调，满足消费者对 烹调风味多样性和便捷性的追求。 2022年至2024年，天味食品营业收入分别为26.91亿元、31.49亿元、34.76亿元，归母净利润分别为3.42亿元、4.57亿元、6.25亿元。 2025年一季度，天味食品营业收入6.42亿元，同比减少24.8% ...

Core Viewpoint - Tianwei Food is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and optimize its capital structure, although the details and feasibility of this plan remain uncertain [1][4]. Company Overview - Tianwei Food, founded by Deng Wen in Chengdu, Sichuan, is a well-known brand in the Sichuan seasoning industry, focusing on the research, production, and sales of compound seasonings [3]. - The company's product range includes hot pot seasonings, Chinese dish seasonings, sausage and cured meat seasonings, and spicy sauces, with major brands such as "Hao Ren Jia," "Da Hong Pao," "Tian Che," "Tianwei Food Catering High-end Customization," "Shi Cui Fang," and "Jia Dian Zi Wei" [3]. Financial Performance - Tianwei Food's revenue grew from 1.727 billion yuan in 2019 to 3.149 billion yuan in 2023, marking an increase of 82.33% over four years [4]. - In 2024, the company achieved revenue of 3.476 billion yuan, with a growth rate of approximately 10.40%, a significant decline compared to previous years [6]. - The revenue growth rates for the core business segments, hot pot seasonings and Chinese dish seasonings, have also slowed down, with 2024 growth rates of 3.53% and 16.56%, respectively [6]. Market Competition - The seasoning industry is facing intensified competition, particularly in the compound seasoning segment, which has seen rapid growth due to changing consumer preferences [8][9]. - Major competitors like Haitian Flavoring and Zhongju Gaoxin have launched similar products, impacting Tianwei Food's market share [9]. Strategic Adjustments - To address the competitive landscape, Tianwei Food is adjusting its channel strategy and considering mergers and acquisitions [10]. - The company has implemented a "choose one" policy among distributors to limit competition with brands like Qianhe Flavoring and Jixiangju [11]. - Additionally, Tianwei Food has invested in acquiring stakes in leading brands in the B-end restaurant compound seasoning market, such as acquiring 55% of the parent company of "Shi Cui Fang" for 362 million yuan and 63.84% of the parent company of "Jia Dian Zi Wei" for 154 million yuan [12].

Group 1 - The latest stock price of Tianwei Foods is 11.93 yuan, an increase of 0.11 yuan from the previous trading day, with a trading range of 4.48% [1] - The stock reached a maximum of 12.09 yuan and a minimum of 11.56 yuan during the trading session, with a trading volume of 198,200 hands and a transaction amount of 234 million yuan [1] - On August 15, the stock experienced a rapid rebound around 11:15 AM, with a rise of over 2% within 5 minutes and a transaction amount of 107 million yuan at that time [1] Group 2 - Tianwei Foods operates in the food and beverage industry, focusing on the research, production, and sales of Sichuan-style compound seasonings [1] - The company's product offerings include hot pot base, Chinese dish seasonings, and sausage and cured meat seasonings [1] - As of the market close, the net inflow of main funds was 4.82 million yuan, with a cumulative net inflow of 31.32 million yuan over the past five trading days [1]

Investment Rating - The report maintains a "Buy" investment rating for Tianwei Food [4] Core Views - The company's Q1 2025 performance shows a significant decline in revenue and net profit, with total revenue at 642 million yuan, down 25% year-on-year, and net profit at 75 million yuan, down 58% year-on-year [1] - Increased expenses have pressured profit margins, with gross margin decreasing by 3 percentage points to 40.74% due to changes in channel structure and higher sales/management expense ratios [2] - Inventory has been largely digested, leading to improved sales momentum in March 2025, with expectations for revenue to improve sequentially [3] - The company is adjusting its earnings per share (EPS) forecasts for 2025-2027 to 0.64, 0.72, and 0.80 yuan respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 times [4] Summary by Sections Financial Performance - Q1 2025 total revenue was 642 million yuan, a 25% decrease year-on-year, with net profit at 75 million yuan, down 58% [1] - Gross margin decreased to 40.74%, with net margin down 9 percentage points to 12.34% due to weak market demand and increased expenses [2] Sales and Inventory - Revenue from hot pot condiments, recipe-style condiments, and sausage products was 173 million, 434 million, and 15 million yuan respectively, with declines of 41%, 12%, and 56% year-on-year [3] - The company expects improved sales performance moving forward as inventory levels have normalized [3] Earnings Forecast - Adjusted EPS forecasts for 2025-2027 are 0.64, 0.72, and 0.80 yuan, with PE ratios of 18, 16, and 14 times [4] - The company is positioned as a leader in the complex seasoning market, focusing on product innovation and channel collaboration [4]

Investment Rating - The report maintains a "Buy" investment rating for Tianwei Food [4] Core Views - The company's Q1 2025 performance shows a significant decline in revenue and net profit, with total revenue at 642 million yuan, down 25% year-on-year, and net profit at 75 million yuan, down 58% year-on-year [1] - Increased expenses have pressured profit margins, with gross margin decreasing by 3 percentage points to 40.74% due to changes in channel structure and higher sales/management expense ratios [2] - Inventory has been largely digested, leading to improved sales momentum in March, with expectations for revenue to improve sequentially [3] - The company is adjusting its earnings per share (EPS) forecasts for 2025-2027 to 0.64, 0.72, and 0.80 yuan respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 times [4] Summary by Sections Financial Performance - Q1 2025 total revenue was 642 million yuan, a 25% decrease year-on-year, with net profit at 75 million yuan, down 58% [1] - Gross margin decreased by 3 percentage points to 40.74%, while net margin fell by 9 percentage points to 12.34% [2] Sales and Inventory - Revenue from hot pot condiments, recipe-style condiments, and sausage products was 173 million, 434 million, and 15 million yuan respectively, with declines of 41%, 12%, and 56% year-on-year [3] - The company expects improved sales performance moving forward as inventory levels have normalized [3] Earnings Forecast - Adjusted EPS forecasts for 2025-2027 are 0.64, 0.72, and 0.80 yuan, with PE ratios of 18, 16, and 14 times [4] - Projected revenue growth rates for 2025-2027 are 10.8%, 9.5%, and 8.6% respectively, with net profit growth rates of 8.8%, 12.3%, and 11.0% [9]